City Office REIT (CIO) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Registrant Name	CITY OFFICE REIT, INC.
Entity Central Index Key	0001593222
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		40,154,055
Entity Address, State or Province	BC
Document Transition Report	false
Document Quarterly Report	true
Entity File Number	001-36409
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	98-1141883
Entity Address, City or Town	Vancouver
Entity Address, Address Line One	666 Burrard Street
Entity Address, Address Line Two	Suite 3210
Entity Address, Postal Zip Code	V6C 2X8
City Area Code	604
Local Phone Number	806-3366
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock, $0.01 par value
6.625% Series A Cumulative Redeemable Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CIO.PrA
Security Exchange Name	NYSE
Title of 12(b) Security	6.625% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate properties
Land	$ 193,524	$ 193,524
Building and improvement	1,185,756	1,194,819
Tenant improvement	163,013	152,540
Furniture, fixtures and equipment	1,377	820
Real estate properties, gross	1,543,670	1,541,703
Accumulated depreciation	(248,420)	(218,628)
Real estate properties, net	1,295,250	1,323,075
Cash and cash equivalents	25,911	30,082
Restricted cash	17,118	13,310
Rents receivable, net	52,908	53,454
Deferred leasing costs, net	23,997	21,046
Acquired lease intangible assets, net	36,520	42,434
Other assets	23,580	27,975
Total Assets	1,475,284	1,511,376
Liabilities [Abstract]
Debt	648,173	669,510
Accounts payable and accrued liabilities	39,597	29,070
Deferred rent	7,091	7,672
Tenant rent deposits	7,319	7,198
Acquired lease intangible liabilities, net	6,629	7,736
Other liabilities	18,906	17,557
Total Liabilities	727,715	738,743
Commitments and Contingencies (Note 9)
Equity:
6.625% Series A Preferred stock, $0.01 par value per share, 5,600,000 shares authorized, 4,480,000 issued and outstanding as of September 30, 2024 and December 31, 2023	112,000	112,000
Common stock, $0.01 par value, 100,000,000 shares authorized, 40,154,055 and 39,938,451 shares issued and outstanding as of September 30, 2024 and December 31, 2023	401	399
Additional paid-in capital	441,188	438,867
Retained earnings	196,466	221,213
Accumulated other comprehensive loss	(2,997)	(248)
Total Stockholders' Equity	747,058	772,231
Non-controlling interests in properties	511	402
Total Equity	747,569	772,633
Total Liabilities and Equity	$ 1,475,284	$ 1,511,376

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, Dividend rate percentage	6.625%	6.625%
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,600,000	5,600,000
Preferred stock, shares issued	4,480,000	4,480,000
Preferred stock, shares outstanding	4,480,000	4,480,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	40,154,055	39,938,451
Common stock, shares outstanding	40,154,055	39,938,451

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Rental and other revenues	$ 42,371	$ 44,214	$ 129,207	$ 134,775
Operating expenses:
Property operating expenses	17,783	17,644	53,020	52,610
General and administrative	3,790	3,531	11,321	10,963
Depreciation and amortization	14,642	14,723	44,440	45,795
Total operating expenses	36,215	35,898	108,781	109,368
Operating income	6,156	8,316	20,426	25,407
Interest expense:
Contractual interest expense	(8,274)	(7,853)	(24,502)	(23,807)
Amortization of deferred financing costs and debt fair value	(369)	(333)	(1,030)	(979)
Interest expense, net	(8,643)	(8,186)	(25,532)	(24,786)
Net loss on disposition of real estate property	0	0	(1,462)	(134)
Net (loss)/income	(2,487)	130	(6,568)	487
Net income attributable to non-controlling interests in properties	(152)	(173)	(412)	(506)
Net (loss)/income attributable to the Company	(2,639)	(43)	(6,980)	(19)
Preferred stock distributions	(1,855)	(1,855)	(5,565)	(5,565)
Net loss attributable to common stockholders	$ (4,494)	$ (1,898)	$ (12,545)	$ (5,584)
Net loss per common share:
Basic	$ (0.11)	$ (0.05)	$ (0.31)	$ (0.14)
Diluted	$ (0.11)	$ (0.05)	$ (0.31)	$ (0.14)
Weighted average common shares outstanding:
Basic	40,154	39,938	40,135	39,917
Diluted	40,154	39,938	40,135	39,917
Dividend distributions declared per common share	$ 0.1	$ 0.1	$ 0.3	$ 0.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss)/Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (2,487)	$ 130	$ (6,568)	$ 487
Other comprehensive (loss)/income:
Unrealized cash flow hedge (loss)/gain	(3,087)	1,447	470	3,732
Amounts reclassified to interest expense	(1,000)	(1,019)	(3,249)	(2,309)
Other comprehensive (loss)/income	(4,087)	428	(2,779)	1,423
Comprehensive (loss)/income	(6,574)	558	(9,347)	1,910
Comprehensive income attributable to non-controlling interests in properties	(99)	(174)	(382)	(507)
Comprehensive (loss)/income attributable to the Company	$ (6,673)	$ 384	$ (9,729)	$ 1,403

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred stock [Member]	Common stock [Member]	Additional paid-in capital [Member]	Retained earnings [Member]	Accumulated other comprehensive (loss)/income [Member]	Total stockholders' equity [Member]	Non-controlling interests in properties [Member]
Beginning balance at Dec. 31, 2022	$ 803,174	$ 112,000	$ 397	$ 436,161	$ 251,542	$ 2,731	$ 802,831	$ 343
Beginning balance, shares at Dec. 31, 2022		4,480,000	39,718,000
Restricted stock award grants and vesting, values	(618)		$ 2	(535)	(85)		(618)
Restricted stock award grants and vesting, shares			220,000
Common stock dividend distribution declared	(7,988)				(7,988)		(7,988)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	110							110
Distributions	(235)							(235)
Net (loss)/income	873				704		704	169
Other comprehensive income (loss)	(1,942)					(1,942)	(1,942)
Ending balance at Mar. 31, 2023	791,519	$ 112,000	$ 399	435,626	242,318	789	791,132	387
Ending balance, shares at Mar. 31, 2023		4,480,000	39,938,000
Beginning balance at Dec. 31, 2022	803,174	$ 112,000	$ 397	436,161	251,542	2,731	802,831	343
Beginning balance, shares at Dec. 31, 2022		4,480,000	39,718,000
Net (loss)/income	487
Other comprehensive income (loss)	1,423
Ending balance at Sep. 30, 2023	784,454	$ 112,000	$ 399	437,800	229,770	4,153	784,122	332
Ending balance, shares at Sep. 30, 2023		4,480,000	39,938,000
Beginning balance at Mar. 31, 2023	791,519	$ 112,000	$ 399	435,626	242,318	789	791,132	387
Beginning balance, shares at Mar. 31, 2023		4,480,000	39,938,000
Restricted stock award grants and vesting, values	1,023			1,107	(84)		1,023
Common stock dividend distribution declared	(3,994)				(3,994)		(3,994)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(226)							(226)
Net (loss)/income	(516)				(680)		(680)	164
Other comprehensive income (loss)	2,937					2,937	2,937
Ending balance at Jun. 30, 2023	788,888	$ 112,000	$ 399	436,733	235,705	3,726	788,563	325
Ending balance, shares at Jun. 30, 2023		4,480,000	39,938,000
Restricted stock award grants and vesting, values	1,024			1,067	(43)		1,024
Common stock dividend distribution declared	(3,994)				(3,994)		(3,994)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(167)							(167)
Net (loss)/income	130				(43)		(43)	173
Other comprehensive income (loss)	428					427	427	1
Ending balance at Sep. 30, 2023	784,454	$ 112,000	$ 399	437,800	229,770	4,153	784,122	332
Ending balance, shares at Sep. 30, 2023		4,480,000	39,938,000
Beginning balance at Dec. 31, 2023	772,633	$ 112,000	$ 399	438,867	221,213	(248)	772,231	402
Beginning balance, shares at Dec. 31, 2023		4,480,000	39,938,000
Restricted stock award grants and vesting, values	(1)		$ 2	42	(45)		(1)
Restricted stock award grants and vesting, shares			216,000
Common stock dividend distribution declared	(4,015)				(4,015)		(4,015)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Distributions	(444)							(444)
Net (loss)/income	(454)				(589)		(589)	135
Other comprehensive income (loss)	1,789					1,763	1,763	26
Ending balance at Mar. 31, 2024	767,653	$ 112,000	$ 401	438,909	214,709	1,515	767,534	119
Ending balance, shares at Mar. 31, 2024		4,480,000	40,154,000
Beginning balance at Dec. 31, 2023	772,633	$ 112,000	$ 399	438,867	221,213	(248)	772,231	402
Beginning balance, shares at Dec. 31, 2023		4,480,000	39,938,000
Net (loss)/income	(6,568)
Other comprehensive income (loss)	(2,779)
Ending balance at Sep. 30, 2024	747,569	$ 112,000	$ 401	441,188	196,466	(2,997)	747,058	511
Ending balance, shares at Sep. 30, 2024		4,480,000	40,154,000
Beginning balance at Mar. 31, 2024	767,653	$ 112,000	$ 401	438,909	214,709	1,515	767,534	119
Beginning balance, shares at Mar. 31, 2024		4,480,000	40,154,000
Restricted stock award grants and vesting, values	1,083			1,139	(56)		1,083
Common stock dividend distribution declared	(4,015)				(4,015)		(4,015)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	442							442
Distributions	(104)							(104)
Net (loss)/income	(3,627)				(3,752)		(3,752)	125
Other comprehensive income (loss)	(481)					(478)	(478)	(3)
Ending balance at Jun. 30, 2024	759,096	$ 112,000	$ 401	440,048	205,031	1,037	758,517	579
Ending balance, shares at Jun. 30, 2024		4,480,000	40,154,000
Restricted stock award grants and vesting, values	1,084			1,140	(56)		1,084
Common stock dividend distribution declared	(4,015)				(4,015)		(4,015)
Preferred stock dividend distribution declared	(1,855)				(1,855)		(1,855)
Contributions	80							80
Distributions	(247)							(247)
Net (loss)/income	(2,487)				(2,639)		(2,639)	152
Other comprehensive income (loss)	(4,087)					(4,034)	(4,034)	(53)
Ending balance at Sep. 30, 2024	$ 747,569	$ 112,000	$ 401	$ 441,188	$ 196,466	$ (2,997)	$ 747,058	$ 511
Ending balance, shares at Sep. 30, 2024		4,480,000	40,154,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net (loss)/income	$ (2,487)	$ 130	$ (6,568)	$ 487
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	14,642	14,723	44,440	45,795
Amortization of deferred financing costs and debt fair value	369	333	1,030	979
Amortization of above and below market leases			(97)	68
Straight-line rent/expense			(40)	(6,402)
Non-cash stock compensation			3,238	3,071
Net loss on disposition of real estate property	0	0	1,462	134
Changes in non-cash working capital:
Rents receivable, net			471	172
Other assets			178	(744)
Accounts payable and accrued liabilities			5,966	5,705
Deferred rent			(449)	(1,304)
Tenant rent deposits			349	208
Net Cash Provided By Operating Activities			49,980	48,169
Cash Flows to Investing Activities:
Additions to real estate properties			(21,300)	(23,338)
Reduction of cash on disposition of real estate property			(2,477)	(4,051)
Deferred leasing costs			(5,980)	(3,474)
Net Cash Used In Investing Activities			(29,757)	(30,863)
Cash Flows to Financing Activities:
Debt issuance and extinguishment costs			(576)	(737)
Proceeds from borrowings			59,000	35,000
Repayment of borrowings			(60,075)	(15,889)
Dividend distributions paid to stockholders			(17,590)	(25,490)
Distributions to non-controlling interests in properties			(795)	(628)
Shares withheld for payment of taxes on restricted stock unit vesting			(1,072)	(1,643)
Contributions from non-controlling interests in properties			522	110
Net Cash Used In Financing Activities			(20,586)	(9,277)
Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash			(363)	8,029
Cash, Cash Equivalents and Restricted Cash, Beginning of Period			43,392	44,262
Cash, Cash Equivalents and Restricted Cash, End of Period	43,029	52,291	43,029	52,291
Reconciliation of Cash, Cash Equivalents and Restricted Cash:
Cash and Cash Equivalents, End of Period	25,911	36,738	25,911	36,738
Restricted Cash, End of Period	17,118	15,553	17,118	15,553
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 43,029	$ 52,291	43,029	52,291
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest			25,642	22,586
Purchase of additions in real estate properties included in accounts payable			11,237	10,707
Purchase of deferred leasing costs included in accounts payable			$ 1,998	$ 919

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,639)	$ (43)	$ (6,980)	$ (19)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013. On April 21, 2014, the Company completed its initial public offering (“IPO”) of shares of the Company’s common stock. The Company contributed the net proceeds of the IPO to City Office REIT Operating Partnership, L.P., a Maryland limited partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest in the Operating Partnership (“common units”). The Company’s interest in the Operating Partnership entitles the Company to share in distributions from, and allocations of profits and losses of, the Operating Partnership in proportion to the Company’s percentage ownership of common units. As the sole general partner of the Operating Partnership, the Company has the exclusive power under the Operating Partnership’s partnership agreement The Company has elected to be taxed and will continue to operate in a manner that will allow it to continue to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). Subject to qualification as a REIT, the Company will be permitted to deduct dividend distributions paid to its stockholders, eliminating the U.S. federal taxation of income represented by such distributions at the Company level. REITs are subject to a number of organizational and operational requirements. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and, for years prior to 2018, any applicable alternative minimum tax.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 2023-07”) 2023-07

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Investments	3. Real Estate Investments Disposition of Real Estate Property Cascade Station On June 27, 2024, the Company entered into an assignment in lieu of foreclosure agreement to transfer possession and control of the Cascade Station property to the lender as a result of an event of default as defined in the property’s non- recourse loan agreement. Given the terms of the assignment in lieu of foreclosure agreement, the Company assessed whether the entity holding the property should be reassessed for consolidation as a Variable Interest Entity (“VIE”) in accordance with ASC 810 – Consolidation. Based on its analysis, the Company concluded that it is not the primary beneficiary of the VIE and therefore deconsolidated the property as of June 27, 2024. The Company deconsolidated the net carrying value of real estate assets of $17.9 million, the mortgage loan of $20.6 million, cash and restricted cash of $2.5 million and net current assets of $1.7 million. For the nine months ended September 30, 2024, the Company recognized a loss on deconsolidation of $1.5 million, which has been included within net loss on disposition of real estate property on the Company’s condensed consolidated statement of operations and statement of cash flows. 190 Office Center On May 15, 2023, the Company consented to the appointment of a receiver to assume possession and control of the 190 Office Center property as a result of an event of default as defined in the property’s non-recourse Based on its analysis, the Company concluded that it is not the primary beneficiary of the VIE and therefore deconsolidated the property as of May 15, 2023. The Company deconsolidated the net carrying value of real estate assets of $35.7 million, the mortgage loan of $38.6 million, cash and restricted cash of $4.0 million and net current liabilities of $1.0 million. For the nine months ended September 30, 2023, the Company recognized a loss on deconsolidation of $0.1 million, which has been included within net loss on disposition of real estate property on the Company’s condensed consolidated statement of operations and statement of cash flows.

Lease Intangibles

Lease Intangibles	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	4. Lease Intangibles Lease intangibles and the value of assumed lease obligations as of September 30, 2024 and December 31, 2023 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities September 30, 2024 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 16,647 $ 72,184 $ 31,481 $ 120,312 $ (14,510 ) $ (138 ) $ (14,648 ) Accumulated amortization (10,333 ) (53,340 ) (20,119 ) (83,792 ) 7,960 59 8,019 $ 6,314 $ 18,844 $ 11,362 $ 36,520 $ (6,550 ) $ (79 ) $ (6,629 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2023 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 17,463 $ 73,128 $ 32,541 $ 123,132 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (10,222 ) (51,290 ) (19,186 ) (80,698 ) 7,314 56 7,370 $ 7,241 $ 21,838 $ 13,355 $ 42,434 $ (7,654 ) $ (82 ) $ (7,736 ) The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2024 $ 1,561 2025 6,197 2026 5,889 2027 4,903 2028 4,209 Thereafter 7,132 $ 29,891

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	5. Debt The following table summarizes the indebtedness as of September 30, 2024 and December 31, 2023 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 6: Property September 30, 2024 December 31, 2023 Interest Rate as of September 30, 2024 (1) Maturity Unsecured Credit Facility (2)(3) $   255,000 $   200,000 SOFR +1.50% (1)(2) November 2025 Term Loan (3) 25,000 25,000 6.00% (3) January 2026 Mission City 45,323 45,994 3.78% November 2027 Canyon Park (4) 38,356 38,932 4.30% March 2027 Circle Point 38,339 38,789 4.49% September 2028 SanTan (5) 30,958 31,501 4.56% March 2027 The Quad 30,600 30,600 4.20% September 2028 Intellicenter 30,207 30,682 4.65% October 2025 2525 McKinnon 27,000 27,000 4.24% April 2027 FRP Collection 25,842 26,139 7.05% (6) August 2028 Greenwood Blvd 20,440 20,856 3.15% December 2025 5090 N. 40th St 20,028 20,370 3.92% January 2027 AmberGlen 20,000 20,000 3.69% May 2027 Central Fairwinds 15,556 15,826 7.68% (7) June 2029 Carillon Point 14,254 14,419 7.05% (6) August 2028 FRP Ingenuity Drive (8) 14,096 15,860 4.44% December 2026 Term Loan (9) —  50,000 —  —  Cascade Station (10) —  20,752 —  —  Total Principal 650,999 672,720 Deferred financing costs, net (2,826 ) (3,258 ) Unamortized fair value adjustments —  48 Total $ 648,173 $ 669,510 (1) As of September 30, 2024, the daily-simple Secured Overnight Financing Rate (“SOFR”) was 4.96%. (2) Borrowings under our unsecured credit facility (the “Unsecured Credit Facility”) bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 235 basis points depending upon the Company’s consolidated leverage ratio. On February 9, 2023, the Company entered into a three-year interest rate swap for a notional amount of $140 million, effective March 8, 2023, effectively fixing the SOFR component of the borrowing rate for $140 million of the Unsecured Credit Facility at 4.19%. As of September 30, 2024, the Unsecured Credit Facility had $255.0 million drawn and a $2.5 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended 12 months at the Company’s option upon meeting certain conditions. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (3) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement (4) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five-year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (5) In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of September 30, 2024, the DSCR and debt yield covenants were still not met. As of September 30, 2024, and December 31, 2023, total restricted cash for the property was $2.6 million and $4.1 million, respectively. (6) The FRP Collection and Carillon Point loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 275 basis points. The SOFR component of the borrowing rate is effectively fixed for the remainder of the five-year term via interest rate swaps at 4.30%. (7) On May 23, 2024, the Company entered into an amended and restated loan agreement for Central Fairwinds, extending the term for an additional five years and amending the interest rate from fixed to floating. The loan bears interest at a rate equal to the daily-simple SOFR rate plus a margin of basis points. The Company also entered into a five-year interest rate swap agreement, effectively fixing the SOFR component of the borrowing rate of the loan at (8) In the third quarter of 2022, the DSCR covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of September 30, 2024, and December 31, 2023, total restricted cash for the property was $3.8 million and $3.2 million, respectively. On June 27, 2024, the Company entered into a loan modification and extension agreement for FRP Ingenuity Drive, which among other things, included a principal repayment of $1.6 million and extended the term for an additional two years to December 2026 with a one-year extension option. Under the terms of the agreement the ‘cash-sweep period’ will continue through the maturity of the loan. (9) On September 27, 2024, the $50 million term loan matured and was repaid with proceeds from (10) On May 1, 2024, the non-recourse property loan at our Cascade Station property in Portland, Oregon matured, and an event of default was triggered under the terms of the Cascade Station loan, following non-payment of the principal amount outstanding at loan maturity. On June 27, non-recourse The scheduled principal repayments of debt as of September 30, 2024 are as follows (in thousands): 2024 $ 1,361 2025 309,929 2026 43,899 2027 176,734 2028 104,586 Thereafter 14,490 $ 650,999

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. Fair Value of Financial Instruments Fair value measurements are based on assumptions that market participants would use in pricing an asset or a liability. The hierarchy for inputs used in measuring fair value is as follows: Level 1 Inputs – quoted prices in active markets for identical assets or liabilities Level 2 Inputs – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 Inputs – unobservable inputs In September 2019, the Company entered into a London Interbank Offered Rate (“LIBOR”) interest rate swap for a notional amount of $50.0 million. In January 2023, the Company amended the $50.0 million interest rate swap to transition from LIBOR to daily-simple SOFR. The Company applied the practical expedients available for hedging relationships under the reference rate reform guidance, which preserves the presentation of the derivative consistent with past presentation and does not result in dedesignation of the hedging relationship. The interest rate swap effectively fixed the SOFR component of the corresponding loan at approximately 1.17% for the remainder of the five-year term. In September 2024, the $50.0 million interest rate swap matured. In January 2023, the Company entered into an interest rate swap for a notional amount of $25.0 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 3.90% for the three-year term. In February 2023, the Company entered into an interest rate swap for a notional amount of $140.0 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.19% for the three-year term. In August 2023, the Company entered into an interest rate swap at FRP Collection for an initial notional amount of $26.3 million. The interest rate swap effectively fixes the SOFR component of the corresponding loan at approximately 4.30% for the five-year term. The notional amount of the interest rate swap amortizes over the term consistent with the balance of the corresponding loan. In In The fair value of the interest rate swaps have been classified as Level 2 fair value measurements. The interest rate swaps have been designated and qualify as cash flow hedges and have been recognized on the condensed consolidated balance sheets at fair value, presented within other assets and other liabilities. Gains and losses resulting from changes in the fair value of derivatives that have been designated and qualify as cash flow hedges are reported as a component of other comprehensive income/(loss) and reclassified into earnings in the periods during which the hedged forecasted transaction affects earnings. The following table summarizes the Company’s derivative financial instruments as of September 30, 2024 and December 31, 2023 (in thousands): Notional Value Fair Value Assets/(Liabilities) September 30, 2024 Effective Date Maturity Date September 30, 2024 December 31, 2023 Interest Rate Swap $ 25,000 January 2023 January 2026 $ (75 ) $ 49 Interest Rate Swap 140,000 March 2023 November 2025 (707 ) (295 ) Interest Rate Swap 25,842 August 2023 August 2028 (965 ) (846 ) Interest Rate Swap 14,254 August 2023 August 2028 (533 ) (466 ) Interest Rate Swap 15,556 May 2024 June 2029 (789 ) —  Interest Rate Swap —  September 2019 September 2024 —  1,268 $ 220,652 $ (3,069 ) $ (290 ) For the nine months ended September 30, 2024, approximately $3.2 million of realized gains were reclassified to interest expense due to payments made to or received from the swap counterparty. For the nine months ended September 30, 2023, approximately $2.3 million of realized gains were reclassified to interest expense due to payments made to or received from the swap counterparty. Cash, Cash Equivalents, Restricted Cash, Rents Receivable, Accounts Payable and Accrued Liabilities The Company estimates that the fair value approximates carrying value due to the relatively short-term nature of these instruments. Fair Value of Financial Instruments Not Carried at Fair Value With the exception of fixed rate mortgage loans payable, the carrying amounts of the Company’s financial instruments approximate their fair value. The Company determines the fair value of its fixed rate mortgage loan payable based on a discounted cash flow analysis using a discount rate that approximates the current borrowing rates for instruments of similar maturities. Based on this, the Company has determined that the fair value of these instruments was $307.3 million and $343.1 million (compared to a carrying value of $315.3 million and $357.2 million) as of September 30, 2024, and December 31, 2023, respectively. Accordingly, the fair value of mortgage loans payable have been classified as Level 3 fair value measurements.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions Administrative Services Agreement For the nine months ended September 30, 2024 and 2023, the Company earned $0.2 million and $0.4 million, respectively, in administrative services performed for Second City Real Estate II Corporation affiliates.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	8. Leases Lessor Accounting The Company is focused on acquiring, owning and operating office properties for lease to a stable and diverse tenant base. The Company’s properties have both full-service gross and net leases which are generally classified as operating leases. Rental income related to such leases is recognized on a straight-line basis over the remaining lease term. The Company’s total revenue includes fixed base rental payments provided under the lease and variable payments, which principally consist of tenant expense reimbursements for certain property operating expenses as provided under the lease. The Company recognized fixed and variable lease payments for operating leases for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fixed payments $ 35,794 $ 37,081 $ 109,428 $ 113,565 Variable payments 6,546 6,933 19,561 20,418 $ 42,340 $ 44,014 $ 128,989 $ 133,983 The Company ceased recognizing rental lease income with respect to the Cascade Station property on the deconsolidation of the entity on June 27, 2024. The Company ceased recognizing rental lease income with respect to the 190 Office Center property on the deconsolidation of the entity on May 15, 2023. Refer to Note 3 for further details. Future minimum lease payments to be received by the Company as of September 30, 2024 under non-cancellable 2024 $ 31,715 2025 123,574 2026 114,741 2027 98,053 2028 83,633 Thereafter 181,083 $ 632,799 The Company’s leases may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. Lessee Accounting As a lessee, the Company has ground and office leases two Right-of-use September 30, 2024 December 31, 2023 Right-of-use $ 10,173 $ 12,564 Lease liability – operating leases $ 8,352 $ 8,550 Right-of-use $ 9,650 $ 9,820 Lease liability – financing leases $ 1,615 $ 1,551 Lease Right-of-use Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of September 30, 2024 for the next five years and thereafter are as follows (in thousands): Operating Financing Leases 2024 $ 74 $ 2 2025 770 8 2026 724 8 2027 587 8 2028 587 8 Thereafter 25,976 6,930 Total future minimum lease payments 28,718 6,964 Discount (20,366 ) (5,349 ) Total $ 8,352 $ 1,615

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies The Company is obligated under certain tenant leases to fund tenant improvements and the expansion of the underlying leased properties. Under various federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company believes that it is in compliance in all material respects with all federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, The Company is involved from time to time in lawsuits and other disputes which arise in the ordinary course of business. As of September 30, 2024, management believes that these matters will not have a material adverse effect, individually or in the aggregate, on the Company’s financial position or results of operations

Stockholder's Equity

Stockholder's Equity	9 Months Ended
	Sep. 30, 2024
Federal Home Loan Banks [Abstract]
Stockholder's Equity	10. Stockholders’ Equity Share Repurchase Plan On May 4, 2023, the Company’s Board of Directors (the “Board of Directors”) approved a share repurchase plan (“Repurchase Program”) authorizing the Company to repurchase up to $50 million of its outstanding shares of common stock or Series A Preferred Stock. Under the share repurchase program, the shares may be repurchased from time to time using a variety of methods, which may include open market transactions, privately negotiated transactions or otherwise, all in accordance with the rules of the SEC and other applicable legal requirements. Repurchased shares of common stock will be classified as authorized and unissued shares. The Company recognizes the cost of shares of common stock it repurchases, including direct costs incurred, as a reduction in stockholders’ equity. Such reductions of stockholders equity due to the repurchases of shares of common stock will be applied first, to reduce common stock in the amount of the par value associated with the shares of common stock repurchased and second, to reduce additional paid-in There were no shares repurchased during the nine months ended September 30, 2024 and 2023. Common Stock and Common Unit Distributions On September 13, 2024, the Board of Directors approved and the Company declared a cash dividend distribution of $0.10 per common share for the quarterly period ended September 30, 2024. The dividend was paid subsequent to quarter end on October 24, 2024 to common stockholders and common unitholders of record as of the close of business on October 10, 2024, resulting in an aggregate payment of $4.0 million. Preferred Stock Distributions On September 13, 2024, the Board of Directors approved and the Company declared a cash dividend distribution of $0.4140625 per share of the Company’s 6.625% Series A Preferred Stock (“Series A Preferred Stock”) for an aggregate amount of $1.9 million for the quarterly period ended September 30, 2024. The dividend was paid subsequent to quarter end on October 24, 2024 to the holders of record of Series A Preferred Stock as of the close of business on October 10, 2024. Equity Incentive Plan The Company has an equity incentive plan non-executive shares of common stock. To the extent an award granted under the Equity Incentive Plan expires or terminates, the shares subject to any portion of the award that expires or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. On January 27, 2020, each of the Board of Directors and the Compensation Committee approved a new form of performance-based restricted unit award agreement During the first quarter of 2024, the Performance RSU Awards granted in January 2021, with a January 1, 2021 through December 31, 2023 Measurement Period, were earned at 120% of the target number of shares granted based on achievement of a TSR that was at or above the 60th percentile of the 2021 RSU Peer Group. The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 30, 2024: Number of Number of Outstanding at December 31, 2023 451,741 424,888 Granted 324,414 324,952 Issuance of dividend equivalents 8,290 —  Vested (228,747 ) (120,000 ) Outstanding at March 31, 2024 555,698 629,840 Issuance of dividend equivalents 12,161 —  Outstanding at June 30, 2024 567,859 629,840 Issuance of dividend equivalents 10,039 —  Outstanding at September 30, 2024 577,898 629,840 The following table summarizes the activity of the awards under the Equity Incentive Number of Number of Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 —  Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888 Issuance of dividend equivalents 14,356 —  Outstanding at June 30, 2023 433,663 424,888 Issuance of dividend equivalents 7,844 —  Outstanding at September 30, 2023 441,507 424,888 During the nine months ended September 30, 2024 and September 30, 2023, the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Grant Date Weighted Average RSUs Performance 2024 324,414 324,952 $ 3,539 $ 5.45 2023 198,022 214,888 3,729 9.03 The RSU Awards will vest in three equal, annual installments on each of the first three anniversaries of the grant date. The Performance RSU Awards will vest on the last day of the three-year measurement period. During the three months ended September 30, 2024 and September 30, 2023, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2024 $     643 $    441 $   1,084 2023 633 391 1,024 During the nine months ended September 30, 2024 and September 30, 2023, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2024 $   1,928 $   1,310 $   3,238 2023 1,910 1,161 3,071

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Preparation and Summary of Significant Accounting Policies	Basis of Preparation and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with Securities and Exchange Commission (“SEC”) rules and regulations and generally accepted accounting principles in the United States of America (“US GAAP”) and in the opinion of management contain all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 2023-07”) 2023-07

Lease Intangibles (Tables)

Lease Intangibles (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Lease Intangibles and Value of Assumed Lease Obligations	Lease intangibles and the value of assumed lease obligations as of September 30, 2024 and December 31, 2023 were comprised of the following (in thousands): Lease Intangible Assets Lease Intangible Liabilities September 30, 2024 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 16,647 $ 72,184 $ 31,481 $ 120,312 $ (14,510 ) $ (138 ) $ (14,648 ) Accumulated amortization (10,333 ) (53,340 ) (20,119 ) (83,792 ) 7,960 59 8,019 $ 6,314 $ 18,844 $ 11,362 $ 36,520 $ (6,550 ) $ (79 ) $ (6,629 ) Lease Intangible Assets Lease Intangible Liabilities December 31, 2023 Above Market Leases In Place Leases Leasing Commissions Total Below Market Leases Below Market Ground Lease Total Cost $ 17,463 $ 73,128 $ 32,541 $ 123,132 $ (14,968 ) $ (138 ) $ (15,106 ) Accumulated amortization (10,222 ) (51,290 ) (19,186 ) (80,698 ) 7,314 56 7,370 $ 7,241 $ 21,838 $ 13,355 $ 42,434 $ (7,654 ) $ (82 ) $ (7,736 )
Estimated Aggregate Amortization Expense for Lease Intangibles	The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands): 2024 $ 1,561 2025 6,197 2026 5,889 2027 4,903 2028 4,209 Thereafter 7,132 $ 29,891

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Outstanding Indebtness	The following table summarizes the indebtedness as of September 30, 2024 and December 31, 2023 (dollars in thousands), including the impact of the effective interest rate swaps described in Note 6: Property September 30, 2024 December 31, 2023 Interest Rate as of September 30, 2024 (1) Maturity Unsecured Credit Facility (2)(3) $   255,000 $   200,000 SOFR +1.50% (1)(2) November 2025 Term Loan (3) 25,000 25,000 6.00% (3) January 2026 Mission City 45,323 45,994 3.78% November 2027 Canyon Park (4) 38,356 38,932 4.30% March 2027 Circle Point 38,339 38,789 4.49% September 2028 SanTan (5) 30,958 31,501 4.56% March 2027 The Quad 30,600 30,600 4.20% September 2028 Intellicenter 30,207 30,682 4.65% October 2025 2525 McKinnon 27,000 27,000 4.24% April 2027 FRP Collection 25,842 26,139 7.05% (6) August 2028 Greenwood Blvd 20,440 20,856 3.15% December 2025 5090 N. 40th St 20,028 20,370 3.92% January 2027 AmberGlen 20,000 20,000 3.69% May 2027 Central Fairwinds 15,556 15,826 7.68% (7) June 2029 Carillon Point 14,254 14,419 7.05% (6) August 2028 FRP Ingenuity Drive (8) 14,096 15,860 4.44% December 2026 Term Loan (9) —  50,000 —  —  Cascade Station (10) —  20,752 —  —  Total Principal 650,999 672,720 Deferred financing costs, net (2,826 ) (3,258 ) Unamortized fair value adjustments —  48 Total $ 648,173 $ 669,510 (1) As of September 30, 2024, the daily-simple Secured Overnight Financing Rate (“SOFR”) was 4.96%. (2) Borrowings under our unsecured credit facility (the “Unsecured Credit Facility”) bear interest at a rate equal to the daily-simple SOFR rate plus a margin of between 135 to 235 basis points depending upon the Company’s consolidated leverage ratio. On February 9, 2023, the Company entered into a three-year interest rate swap for a notional amount of $140 million, effective March 8, 2023, effectively fixing the SOFR component of the borrowing rate for $140 million of the Unsecured Credit Facility at 4.19%. As of September 30, 2024, the Unsecured Credit Facility had $255.0 million drawn and a $2.5 million letter of credit to satisfy escrow requirements for a mortgage lender. The Unsecured Credit Facility matures in November 2025 and may be extended 12 months at the Company’s option upon meeting certain conditions. The Unsecured Credit Facility requires the Company to maintain a fixed charge coverage ratio of no less than 1.50x. (3) On January 5, 2023, the Company entered into a second amendment to its amended and restated credit agreement (4) The mortgage loan anticipated repayment date (“ARD”) is March 1, 2027. The final scheduled maturity date can be extended up to 5 years beyond the ARD. If the loan is not paid off at ARD, the loan’s interest rate shall be adjusted to the greater of (i) the initial interest rate plus 200 basis points or (ii) the yield on the five-year “on the run” treasury reported by Bloomberg market data service plus 450 basis points. (5) In the second quarter of 2023, the Debt Service Coverage Ratio (“DSCR”) and debt yield covenants for SanTan were not met, which triggered a ‘cash-sweep period’ that began in the second quarter of 2023. As of September 30, 2024, the DSCR and debt yield covenants were still not met. As of September 30, 2024, and December 31, 2023, total restricted cash for the property was $2.6 million and $4.1 million, respectively. (6) The FRP Collection and Carillon Point loans bear interest at a rate equal to the daily-simple SOFR rate plus a margin of 275 basis points. The SOFR component of the borrowing rate is effectively fixed for the remainder of the five-year term via interest rate swaps at 4.30%. (7) On May 23, 2024, the Company entered into an amended and restated loan agreement for Central Fairwinds, extending the term for an additional five years and amending the interest rate from fixed to floating. The loan bears interest at a rate equal to the daily-simple SOFR rate plus a margin of basis points. The Company also entered into a five-year interest rate swap agreement, effectively fixing the SOFR component of the borrowing rate of the loan at (8) In the third quarter of 2022, the DSCR covenant for FRP Ingenuity Drive was not met, which triggered a ‘cash-sweep period’ that began in the fourth quarter of 2022. As of September 30, 2024, and December 31, 2023, total restricted cash for the property was $3.8 million and $3.2 million, respectively. On June 27, 2024, the Company entered into a loan modification and extension agreement for FRP Ingenuity Drive, which among other things, included a principal repayment of $1.6 million and extended the term for an additional two years to December 2026 with a one-year extension option. Under the terms of the agreement the ‘cash-sweep period’ will continue through the maturity of the loan. (9) On September 27, 2024, the $50 million term loan matured and was repaid with proceeds from (10) On May 1, 2024, the non-recourse property loan at our Cascade Station property in Portland, Oregon matured, and an event of default was triggered under the terms of the Cascade Station loan, following non-payment of the principal amount outstanding at loan maturity. On June 27, non-recourse
Schedule of Principal Repayments of Mortgage Payable	The scheduled principal repayments of debt as of September 30, 2024 are as follows (in thousands): 2024 $ 1,361 2025 309,929 2026 43,899 2027 176,734 2028 104,586 Thereafter 14,490 $ 650,999

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of company's derivative financial instruments	The following table summarizes the Company’s derivative financial instruments as of September 30, 2024 and December 31, 2023 (in thousands): Notional Value Fair Value Assets/(Liabilities) September 30, 2024 Effective Date Maturity Date September 30, 2024 December 31, 2023 Interest Rate Swap $ 25,000 January 2023 January 2026 $ (75 ) $ 49 Interest Rate Swap 140,000 March 2023 November 2025 (707 ) (295 ) Interest Rate Swap 25,842 August 2023 August 2028 (965 ) (846 ) Interest Rate Swap 14,254 August 2023 August 2028 (533 ) (466 ) Interest Rate Swap 15,556 May 2024 June 2029 (789 ) —  Interest Rate Swap —  September 2019 September 2024 —  1,268 $ 220,652 $ (3,069 ) $ (290 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Operating Lease Lease Income	The Company recognized fixed and variable lease payments for operating leases for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Fixed payments $ 35,794 $ 37,081 $ 109,428 $ 113,565 Variable payments 6,546 6,933 19,561 20,418 $ 42,340 $ 44,014 $ 128,989 $ 133,983
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments to be received by the Company as of September 30, 2024 under non-cancellable 2024 $ 31,715 2025 123,574 2026 114,741 2027 98,053 2028 83,633 Thereafter 181,083 $ 632,799
Schedule Of Supplemental Balance Sheet Information Related To Leases	Right-of-use September 30, 2024 December 31, 2023 Right-of-use $ 10,173 $ 12,564 Lease liability – operating leases $ 8,352 $ 8,550 Right-of-use $ 9,650 $ 9,820 Lease liability – financing leases $ 1,615 $ 1,551
Schedule future minimum lease payments to be paid	Future minimum lease payments to be paid by the Company as a lessee for operating and financing leases as of September 30, 2024 for the next five years and thereafter are as follows (in thousands): Operating Financing Leases 2024 $ 74 $ 2 2025 770 8 2026 724 8 2027 587 8 2028 587 8 Thereafter 25,976 6,930 Total future minimum lease payments 28,718 6,964 Discount (20,366 ) (5,349 ) Total $ 8,352 $ 1,615

Stockholder's Equity (Tables)

Stockholder's Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Federal Home Loan Banks [Abstract]
Summary of Activity of Awards under Equity Incentive Plan	The following table summarizes the activity of the awards under the Equity Incentive Plan for the three and nine months ended September 30, 2024: Number of Number of Outstanding at December 31, 2023 451,741 424,888 Granted 324,414 324,952 Issuance of dividend equivalents 8,290 —  Vested (228,747 ) (120,000 ) Outstanding at March 31, 2024 555,698 629,840 Issuance of dividend equivalents 12,161 —  Outstanding at June 30, 2024 567,859 629,840 Issuance of dividend equivalents 10,039 —  Outstanding at September 30, 2024 577,898 629,840 The following table summarizes the activity of the awards under the Equity Incentive Number of Number of Outstanding at December 31, 2022 428,320 307,500 Granted 198,022 214,888 Issuance of dividend equivalents 9,485 —  Vested (216,520 ) (97,500 ) Outstanding at March 31, 2023 419,307 424,888 Issuance of dividend equivalents 14,356 —  Outstanding at June 30, 2023 433,663 424,888 Issuance of dividend equivalents 7,844 —  Outstanding at September 30, 2023 441,507 424,888
Summary of Restricted Stock Units ("RSUs") and Performance RSU	During the nine months ended September 30, 2024 and September 30, 2023, the Company granted the following restricted stock units (“RSUs”) and Performance RSU Awards to directors, executive officers and certain non-executive Units Granted Grant Date Weighted Average RSUs Performance 2024 324,414 324,952 $ 3,539 $ 5.45 2023 198,022 214,888 3,729 9.03
Summary of Recognized Compensation Expense for RSUs and Performance RSU	During the three months ended September 30, 2024 and September 30, 2023, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2024 $     643 $    441 $   1,084 2023 633 391 1,024 During the nine months ended September 30, 2024 and September 30, 2023, the Company recognized net compensation expense for the RSUs and Performance RSU Awards as follows (in thousands): RSUs Performance Total 2024 $   1,928 $   1,310 $   3,238 2023 1,910 1,161 3,071

Organization and Description _2

Organization and Description of Business - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company formation date	Nov. 26, 2013
Operation commencement date	Apr. 21, 2014

Real Estate Investments - Addit

Real Estate Investments - Additional Information (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 27, 2024	May 15, 2023
190 Office Center [Member]
Real Estate [Line Items]
Real estate assets deconsolidated in the period				$ 35.7
Mortgage loan deconsolidated in the period				38.6
Cash and restricted cash deconsolidated in the period				4
Loss on deconsolidation		$ 0.1
Net current liabilities deconsolidated in the period				$ 1
Cascade Station [Member]
Real Estate [Line Items]
Real estate assets deconsolidated in the period			$ 17.9
Mortgage loan deconsolidated in the period			20.6
Cash and restricted cash deconsolidated in the period			2.5
Net current assets deconsolidated during the period			$ 1.7
Loss on deconsolidation	$ 1.5

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Lease Intangibles and Value of Assumed Lease Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	$ 120,312	$ 123,132
Accumulated amortization, Lease Intangible Assets	(83,792)	(80,698)
Total, Lease Intangible Assets	36,520	42,434
Cost, Lease Intangible Liabilities	(14,648)	(15,106)
Accumulated amortization, Lease Intangible Liabilities	8,019	7,370
Total, Lease Intangible Liabilities	(6,629)	(7,736)
Above Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	16,647	17,463
Accumulated amortization, Lease Intangible Assets	(10,333)	(10,222)
Total, Lease Intangible Assets	6,314	7,241
In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	72,184	73,128
Accumulated amortization, Lease Intangible Assets	(53,340)	(51,290)
Total, Lease Intangible Assets	18,844	21,838
Leasing Commissions [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Assets	31,481	32,541
Accumulated amortization, Lease Intangible Assets	(20,119)	(19,186)
Total, Lease Intangible Assets	11,362	13,355
Below Market Tenant Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(14,510)	(14,968)
Accumulated amortization, Lease Intangible Liabilities	7,960	7,314
Total, Lease Intangible Liabilities	(6,550)	(7,654)
Below Market Ground Lease [Member]
Finite-Lived Intangible Assets [Line Items]
Cost, Lease Intangible Liabilities	(138)	(138)
Accumulated amortization, Lease Intangible Liabilities	59	56
Total, Lease Intangible Liabilities	$ (79)	$ (82)

Lease Intangibles - Estimated A

Lease Intangibles - Estimated Aggregate Amortization Expense for Lease Intangibles (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 1,561
2025	6,197
2026	5,889
2027	4,903
2028	4,209
Thereafter	7,132
Total	$ 29,891

Debt - Summary of Outstanding I

Debt - Summary of Outstanding Indebtedness (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Indebtedness	$ 650,999	$ 672,720
Deferred financing costs, net	(2,826)	(3,258)
Unamortized fair value adjustments		48
Total	648,173	669,510
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Indebtedness		50,000
Unsecured Debt [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Indebtedness	$ 25,000	25,000
Interest Rate	6%
Maturity	2026-01
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 255,000	200,000
Interest Rate, terms	1.50
Interest Rate, spread	1.50%
Maturity	2025-11
Mission City [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 45,323	45,994
Interest Rate	3.78%
Maturity	2027-11
Canyon Park [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,356	38,932
Interest Rate	4.30%
Maturity	2027-03
Circle Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 38,339	38,789
Interest Rate	4.49%
Maturity	2028-09
SanTan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,958	31,501
Interest Rate	4.56%
Maturity	2027-03
The Quad [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,600	30,600
Interest Rate	4.20%
Maturity	2028-09
Intellicenter [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 30,207	30,682
Interest Rate	4.65%
Maturity	2025-10
2525 McKinnon [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 27,000	27,000
Interest Rate	4.24%
Maturity	2027-04
FRP Collection [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 25,842	26,139
Interest Rate	7.05%
Maturity	2028-08
Greenwood Blvd [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,440	20,856
Interest Rate	3.15%
Maturity	2025-12
5090 N 40th St [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,028	20,370
Interest Rate	3.92%
Maturity	2027-01
AmberGlen Property [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 20,000	20,000
Interest Rate	3.69%
Maturity	2027-05
Central Fairwinds [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 15,556	15,826
Interest Rate	7.68%
Maturity	2029-06
Carillon Point [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,254	14,419
Interest Rate	7.05%
Maturity	2028-08
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness	$ 14,096	15,860
Interest Rate	4.44%
Maturity	2026-12
Cascade Station [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Indebtedness		$ 20,752

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands				9 Months Ended
	Sep. 27, 2024	Jun. 27, 2024	May 23, 2024	Sep. 30, 2024	Dec. 31, 2023	Aug. 16, 2023	Mar. 08, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023
Debt Instrument [Line Items]
Derivative, Notional Amount	$ 50,000			$ 220,652
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount								$ 140,000	$ 50,000	$ 25,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate										3.90%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member] | Term loan [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate									1.17%
Unsecured Debt [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Term loan										$ 25,000
Unsecured Debt [Member] | Term loan [Member]
Debt Instrument [Line Items]
Repayments of unsecured debt	$ 50,000
Unsecured Debt [Member] | Margin [Member] | Term Loan Two [Member]
Debt Instrument [Line Items]
Interest Rate, Description				210%
SanTan [Member] | Debt Service Coverage Ratio [Member] | Debt Yield [Member]
Debt Instrument [Line Items]
Restricted Cash				$ 2,600	$ 4,100
FRP Collection [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount						$ 26,300
FRP Collection [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate						4.30%
FRP Collection [Member] | Secured Debt [Member] | Margin [Member]
Debt Instrument [Line Items]
Interest Rate, Description				275%
Central Fairwinds [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount			$ 15,600
Central Fairwinds [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate			4.43%
Central Fairwinds [Member] | Secured Debt [Member] | Margin [Member]
Debt Instrument [Line Items]
Interest Rate, Description			325%
Carillon Point [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount						$ 14,500
Carillon Point [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate						4.30%
Carillon Point [Member] | Secured Debt [Member] | Margin [Member]
Debt Instrument [Line Items]
Interest Rate, Description				275%
Canyon Park [Member] | Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest Rate, Description				200%
Canyon Park [Member] | Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest Rate, Description				450%
FRP Ingenuity Drive [Member] | Debt Service Coverage Ratio [Member]
Debt Instrument [Line Items]
Restricted Cash				$ 3,800	$ 3,200
FRP Ingenuity Drive [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Repayment of principal amount of debt debt modification		$ 1,600
Cascade Station [Member] | Secured Debt [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Debt Instrument [Line Items]
Mortgage loan deconsolidated in the period		$ 20,600
Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding								$ 140,000
Credit Facility [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding				2,500
Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate							4.19%
Credit Facility [Member] | Unsecured Debt [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, outstanding				$ 255,000
Interest Rate, Description				1.50%
Credit Facility [Member] | Unsecured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Term loan [Member]
Debt Instrument [Line Items]
One month SOFR rate				4.96%
Credit Facility [Member] | Unsecured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount										350,000
Interest Rate, Description				135%
Fixed charge coverage ratio				1.50%
Credit Facility [Member] | Unsecured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, authorized amount										$ 375,000
Interest Rate, Description				235%

Debt - Schedule of Principal Re

Debt - Schedule of Principal Repayments of Mortgage Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 1,361
2025	309,929
2026	43,899
2027	176,734
2028	104,586
Thereafter	14,490
Total	$ 650,999	$ 672,720

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Company's Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 27, 2024	Dec. 31, 2023	Feb. 09, 2023	Jan. 06, 2023	Jan. 05, 2023
Derivatives, Fair Value [Line Items]
Notional Value	$ 220,652	$ 50,000
Fair Value	(3,069)		$ (290)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value				$ 140,000	$ 50,000	$ 25,000
January 2026 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	25,000
Fair Value, Assets			49
Fair Value, Liability	(75)
November 2025 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	140,000
Fair Value, Liability	(707)		(295)
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity One [Member]
Derivatives, Fair Value [Line Items]
Notional Value	25,842
Fair Value, Liability	(965)		(846)
August 2028 [Member] | Interest Rate Swap [Member] | Derivative Instruments Maturity Two [Member]
Derivatives, Fair Value [Line Items]
Notional Value	14,254
Fair Value, Liability	(533)		(466)
June 2029 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	15,556
Fair Value, Liability	(789)		0
September 2024 [Member] | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Notional Value	0
Fair Value, Assets	$ 0		$ 1,268

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 27, 2024

May 23, 2024

Dec. 31, 2023

Aug. 16, 2023

Mar. 08, 2023

Feb. 09, 2023

Jan. 06, 2023

Jan. 05, 2023

Sep. 30, 2019

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notional amount

$ 220,652

$ 220,652

$ 50,000

Interest rate swap gain (loss) reclassified to interest expense

1,000

$ 1,019

3,249

$ 2,309

Debt instrument carrying amount

650,999

650,999

$ 672,720

Interest Rate Swap [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notional amount

$ 140,000

$ 50,000

$ 25,000

Interest rate swap gain (loss) reclassified to interest expense

3,200

$ 2,300

Interest Rate Swap [Member] | FRP Collection [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notional amount

$ 26,300

Interest Rate Swap [Member] | FRP Collection [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fixed interest rate

4.30%

Interest Rate Swap [Member] | Carillon Point [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notional amount

$ 14,500

Interest Rate Swap [Member] | Carillon Point [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fixed interest rate

4.30%

Interest Rate Swap [Member] | Central Fairwinds [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notional amount

$ 15,600

Interest Rate Swap [Member] | Central Fairwinds [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fixed interest rate

4.43%

Interest Rate Swap [Member] | Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fixed interest rate

4.19%

Interest Rate Swap [Member] | Term loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fixed interest rate

1.17%

Interest Rate Swap [Member] | Term Loan Two [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Fixed interest rate

3.90%

LIBOR interest rate swap [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notional amount

$ 50,000

Fair Value, Inputs, Level 3 [Member]

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Mortgage loans payable, fair value

307,300

307,300

343,100

Debt instrument carrying amount

$ 315,300

$ 315,300

$ 357,200

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Annual payment receivable for services	$ 42,371	$ 44,214	$ 129,207	$ 134,775
Administrative Services Agreement [Member] | SCRE II [Member] | Clarity Real Estate Ventures GP Limited [Member]
Related Party Transaction [Line Items]
Annual payment receivable for services			$ 200	$ 400

Leases - Additional Information

Leases - Additional Information (Detail)	Sep. 30, 2024
Weighted-average remaining lease term - operating leases	50 years
Weighted-average discount rate - operating leases	6.20%
Finance Lease, Weighted Average Remaining Lease Term	50 years
Finance Lease, Weighted Average Discount Rate, Percent	6.20%
Maximum [Member]
Remaining lease terms	64 years
Remaining lease terms, Financing leases	64 years
Minimum [Member]
Remaining lease terms	2 years
Remaining lease terms, Financing leases	2 years

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fixed payments	$ 35,794	$ 37,081	$ 109,428	$ 113,565
Variable payments	6,546	6,933	19,561	20,418
Operating Lease, Lease Income	$ 42,340	$ 44,014	$ 128,989	$ 133,983
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)	Operating Income (Loss)	Operating Income (Loss)	Operating Income (Loss)

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 31,715
2025	123,574
2026	114,741
2027	98,053
2028	83,633
Thereafter	181,083
Total future minimum lease payments to be received	$ 632,799

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Right-of-use asset - operating leases	$ 10,173	$ 12,564
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – operating leases	$ 8,352	$ 8,550
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Right-of-use asset – financing leases	$ 9,650	$ 9,820
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Lease liability – financing leases	$ 1,615	$ 1,551
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Leases - Schedule Future Minimu

Leases - Schedule Future Minimum Lease Payments To Be Paid (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2024	$ 74
2025	770
2026	724
2027	587
2028	587
Thereafter	25,976
Total future minimum lease payments	28,718
Discount	(20,366)
Total	8,352	$ 8,550
2024	2
2025	8
2026	8
2027	8
2028	8
Thereafter	6,930
Total future minimum lease payments	6,964
Discount	(5,349)
Total	$ 1,615	$ 1,551

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Oct. 24, 2024

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

May 04, 2023

May 04, 2022

Class of Stock [Line Items]

Preferred stock, Dividend rate percentage

6.625%

6.625%

Maximum number of shares issued under Equity Incentive Plan

3,763,580

Stock Repurchase Program, Authorized Amount

$ 50,000

Stock Repurchased During Period, Shares

0

0

Schedule of Share Based Compensation Arrangement by Share Based Payment Award For Defined Performance

The payouts under the Performance RSU Awards are evaluated on a sliding scale as follows: TSR below the 30th percentile of the Peer Group would result in a 50% payout; TSR at the 50th percentile of the Peer Group would result in a 100% payout; and TSR at or above the 75th percentile of the Peer Group would result in a 150% payout. Payouts are mathematically interpolated between these stated percentile targets, subject to a 150% maximum.

Share-based Payment Award, Award Vesting Period

3 years

Dividends, Preferred Stock

$ 1,855

$ 1,855

$ 1,855

$ 1,855

$ 1,855

$ 1,855

Dividends, Common Stock

$ 4,015

$ 4,015

$ 4,015

$ 3,994

$ 3,994

$ 7,988

O 2024 Q3 Dividends [Member] | Common Stock [Member]

Class of Stock [Line Items]

Declared cash dividend distribution per share

$ 0.1

$ 0.1

Dividends paid, declared date

Sep. 13, 2024

Dividends paid date

Oct. 24, 2024

Dividends paid, date of record

Oct. 10, 2024

Dividends, Common Stock

$ 4,000

S 2024 Q3 Dividends [Member] | Preferred Stock [Member]

Class of Stock [Line Items]

Declared cash dividend distribution per share

$ 0.4140625

$ 0.4140625

Dividends paid, declared date

Sep. 13, 2024

Dividends paid date

Oct. 24, 2024

Dividends paid, date of record

Oct. 10, 2024

Dividends, Preferred Stock

$ 1,900

S 2024 Q3 Dividends [Member] | Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, Dividend rate percentage

6.625%

Executive Officer [Member]

Class of Stock [Line Items]

Share-based Payment Award, Award Vesting Period

3 years

Stockholder's Equity - Summary

Stockholder's Equity - Summary of Activity of Awards under Equity Incentive Plan (Detail) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	567,859	555,698	451,741	433,663	419,307	428,320	451,741	428,320
Granted			324,414			198,022	324,414	198,022
Issuance of dividend equivalents	10,039	12,161	8,290	7,844	14,356	9,485
Vested			(228,747)			(216,520)
Ending balance	577,898	567,859	555,698	441,507	433,663	419,307	577,898	441,507
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity [Line Items]
Beginning balance	629,840	629,840	424,888	424,888	424,888	307,500	424,888	307,500
Granted			324,952			214,888	324,952	214,888
Issuance of dividend equivalents	0	0	0	0	0	0
Vested			(120,000)			(97,500)
Ending balance	629,840	629,840	629,840	424,888	424,888	424,888	629,840	424,888

Stockholder's Equity - Summar_2

Stockholder's Equity - Summary of Restricted Stock Units ("RSUs") and Performance RSU (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Grant Date Fair Value			$ 3,539	$ 3,729
Weighted Average Grant Date Fair Value Per Share			$ 5.45	$ 9.03
Restricted Stock Units (RSUs) [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	324,414	198,022	324,414	198,022
Performance Restricted Stock Unit [Member]
Schedule Of Share Based Compensation Restricted Stock Units Award Activity Granted [Line Items]
Units Granted	324,952	214,888	324,952	214,888

Stockholder's Equity - Summar_3

Stockholder's Equity - Summary of Recognized Compensation Expense for RSUs and Performance RSU (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 1,084	$ 1,024	$ 3,238	$ 3,071
Restricted Stock Units (RSUs) [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	643	633	1,928	1,910
Performance Restricted Stock Unit [Member]
Schedule Of Recognized Net Compensation Expense [Line Items]
Share-based Payment Arrangement, Amount Capitalized	$ 441	$ 391	$ 1,310	$ 1,161